LBTN Lifeline Biotechnologies, Inc. Enters Negotiations for Final Phase of First Warning System(TM) Development
May 2, 2007 8:35:00 AM
Copyright Business Wire 2007
RENO, Nev.--(BUSINESS WIRE)--
Lifeline Biotechnologies, Inc. (Pink Sheets:LBTN) today announced that it has entered into final negotiations for the final development of the computer software system, the related technology is the basis for its First Warning System(TM). The First Warning System(TM) is designed to assist in the early detection of breast cancer.
Jim Holmes, Lifeline's CEO stated, "We are in the final stages of negotiation with a major southeast Asian based university to complete development of the software technology which provides the capability of the Company's First Warning System(TM) to assist in the early detection of breast cancer. Lifeline has been working with engineers at the university for several years on an informal basis and a contract for a formal arrangement will be concluded. The software development is expected to be completed near term. Upon completion of the development involving the analysis of approximately 100 to 150 patient data from women previously tested using Lifeline's First Warning System(TM), additional clinical testing will be undertaken in order to validate this cutting edge technology. To date, the development has indicated a potential breakthrough in identifying breast cancer and the false positives and false negatives have been within acceptable levels."
Share Exchange, Series B Convertible Preferred for Common Shares
The cut-off date, for the previously announced exchange of series B preferred stock for common stock, for shareholders to submit their common shares to Lifeline's Transfer Agent, OTC Corporate Stock Transfer, Jericho, NY, has been extended to May 18, 2007. The exchange is for one share of preferred, valued at $1.00 each for each 1600 shares of common stock submitted. The value of the common stock is $.000625 per share, a premium over the current market price. To qualify for the exchange, shareholders must submit a minimum of 100,000 common shares. The Series B Preferred Stock is valued at $1.00 per share for future conversion purposes. The Company will be sending an Information Statement disclosing the terms and conditions of the exchange. In addition, particulars concerning the exchange will be posted on Lifeline's website www.lbtn.com.
About Lifeline Biotechnologies, Inc.
Lifeline Biotechnologies, Inc. has recently reacquired the First Warning System(TM) which it had sold in 2006. The Company will focus on completing the development of the First Warning System(TM), designed to assist in the early detection of breast cancer. The underlying technology, upon which the First Warning System(TM) is based, holds the possibility of eliminating over 90% of unnecessary breast biopsies performed each year providing a potential savings of up to $2.8 billion annually. Additionally, the First Warning System(TM) could conceivably eliminate the need for suggested MRIs, a savings of another $1.3 billion. Of the approximately $138 billion spent on cancer each year, Lifeline could potentially save the healthcare industry up to $4.1 billion annually. Upon successful completion of the development of the First Warning System(TM), conducting clinical trials and obtaining FDA pre-marketing clearance, Lifeline will commence marketing its breast cancer early detection system More information is available at the Company's website: www.lbtn.com.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
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Source: Lifeline Biotechnologies, Inc.
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Lifeline Biotechnologies
Inc.
Rodney Marvel
Investor Relations
1-866-THE-APPL(E)
www.lbtn.com
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